The WA boom has been great for many of us over here yet with rising prices I’m now looking interstate for other options.
For instance, I’ve searched the property sites for renos, and subd-developments in central Victoria.
I’ve got a fairly clear idea on what is possible with regards to Renos in central Vic, yet looking at new house developments and resale, its’ been a challenge to ascertain what profit margins are realistic.
If anyone has some comments or experience on this type of property option in central Vic I’d like to learn more about it. [hair2]
Hi Larsont,
Perhaps there is another way of looking at options. Focusing on options for Reno's etc, is perhaps using options at their least effective. For example, why not buy the entire property under options, but not a reno property, but one that has far bigger capital improvement possibility.
It takes the same amount of time and effort to put together an option for a reno property worth say $500,000 as it does for a property worth 5mil with 10 times potential profit. We've been signing options for mil$ properties without the need for laying down money or taking up mortgages. We call it the no deposit no loan methodCraig Hall
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http://propertyoptionsmentor.blogspot.com/Hi,
If you're in WA and are looking to do renos in central Vic I have to ask why!?!
If it's because properties look cheap then I would caution you to watch out against false economies. Trades in central vic can be hard to find and can be expensive. Furthermore, if you are trying to manage the job remotely then you will face additional time and management hurdles.
The best way to handle a reno is to become an area expert, manage the trades locally, and be on hand to pick up the pieces as unexpected things happen.
That said, the following areas in regional Vic are seen as expanding (no order):
Mildura, Geelong, Wodonga, Ballarat, Bendigo
Again, there will be good and bad opportunities in each of the above – and you can be sure that the locals have picked over any 'great' deals well before they hit the market.
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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